"Turpentine VC" | Venture Capital and Investing Turpentine

In this episode of Turpentine VC, Erik interviews Glenn Solomon, managing partner at Notable Capital (formerly GGV Capital). They discuss the firm's evolution over 20 years, highlighting its strategic shift towards long-term investments and sector focus. They talk about the rebranding process, Notable Capital's global perspective, and their approach to fund sizing and building a strong internal team. Glenn offers valuable insights on navigating the changing venture capital landscape, including the impact of AI as a major paradigm shift. He emphasizes the importance of staying founder-focused and how Notable Capital differentiates itself through exceptional support.
🔥 Apply to join over 400 Founders and Execs in the Turpentine Network: https://hmplogxqz0y.typeform.com/to/JCkphVqj

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RECOMMENDED PODCAST:
Patrick McKenzie (@patio11) talks to experts who understand the complicated but not unknowable systems we rely on. You might be surprised at how quickly Patrick and his guests can put you in the top 1% of understanding for stock trading, tech hiring, and more.
Spotify: https://open.spotify.com/show/3Mos4VE3figVXleHDqfXOH
Apple: https://podcasts.apple.com/id1753399812https://podcasts.apple.com/id1753399812

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This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at erik@turpentine.co.

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SPONSORS:
Oracle Cloud Infrastructure (OCI) is a single platform for your infrastructure, database, application development, and AI needs. OCI has four to eight times the bandwidth of other clouds and offers one consistent price. If you want to do more and spend less, take a free test drive of OCI at https://oracle.com/turpentine

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💥 Head to Squad to access global engineering without the headache and at a fraction of the cost: head to https://choosesquad.com/ and mention “Turpentine” to skip the waitlist.
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LINKS:
Notable Capital: https://notablecap.com/
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TIMESTAMPS:
(00:00) Intro
(00:38) The Evolution of Notable Capital
(02:03) The Venture Capital Landscape and Investment Strategies
(04:58) Challenges and Opportunities in VC
(11:02) Fund Size and Strategic Alignment
(14:16) SPONSORS: Oracle Cloud Infrastructure | WorkOS
(16:16) Global Mandate and Market Dynamics
(20:27) Competitive Differentiation and Brand Building
(27:38) Sector Focus and Investment Philosophy
(30:10) SPONSOR: Squad
(34:18) AI and the Future of Venture Capital
(37:28) Wrap

In this episode of Turpentine VC, Erik sits down with Mike Volpi, partner at Index Ventures. They discuss the evolution of venture capital–the transformative changes in the VC landscape since 2008, the rise of seed capital, multi-stage asset aggregators, and the professionalization of venture firms. Mike also shares Index Ventures' unique approach to building relationships with founders and fostering a strong company culture. The conversation also dives into challenges of building an open source business model in AI and the potential for smaller models and alternative architectures. 

🔥 Apply to join over 400 Founders and Execs in the Turpentine Network: https://hmplogxqz0y.typeform.com/to/JCkphVqj

--
RECOMMENDED PODCAST:
Patrick McKenzie (@patio11) talks to experts who understand the complicated but not unknowable systems we rely on. You might be surprised at how quickly Patrick and his guests can put you in the top 1% of understanding for stock trading, tech hiring, and more.
Spotify: https://open.spotify.com/show/3Mos4VE3figVXleHDqfXOH
Apple: https://podcasts.apple.com/id1753399812https://podcasts.apple.com/id1753399812

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This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at erik@turpentine.co.

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SPONSORS:
Oracle Cloud Infrastructure (OCI) is a single platform for your infrastructure, database, application development, and AI needs. OCI has four to eight times the bandwidth of other clouds and offers one consistent price. If you want to do more and spend less, take a free test drive of OCI at https://oracle.com/turpentine


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Hundreds of startups already trust Warp to handle their payroll and compliance needs - you can go from zero to payroll live in just two days. Don't let payroll and compliance hold your startup back – visit https://joinwarp.com/peel to get started and receive a $1000 gift card when you first run payroll.

💥 Head to Squad to access global engineering without the headache and at a fraction of the cost: head to https://choosesquad.com/ and mention “Turpentine” to skip the waitlist.
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LINKS:
Index Ventures $2.3b funds: https://www.indexventures.com/perspectives/relationships-that-reshape-industries-index-launches-23bn-in-new-funds/
Chris Paik’s The End of Software: https://x.com/cpaik/status/1796633683908005988 
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TIMESTAMPS:
(00:00) Introduction to Turpentine VC and Today's Guest
(00:42) The Evolution of Venture Capital
(04:52) Index Ventures’ Growth and Strategy
(10:31) Mike Volpe's Journey in VC
(13:45) SPONSORS: Oracle | CommandBar
(19:47) The Rise of Open Source Business Models
(24:20) The Emergence and Impact of Cloud Computing
(28:24) SPONSORS: Warp | Squad
(30:56) Understanding AI Mechanics and Investment Insights
(33:23) Investment in Self-Driving Cars and Scale AI
(36:36) Challenges and Consolidation in Self-Driving Car Industry
(39:45) Business Opportunities in AI
(45:39) AI's Role in Software Development
(54:09) AI and Open Source Business Models
(01:00:03) Future of AI-Powered Applications
(01:03:45) Wrap

In this episode, Managing Partner Vinny Pujji discusses the strategic positioning and innovative approaches of Left Lane Capital. The conversation digs into the specialized data analysis that sets them apart from other investment firms. Vinny also charts out the future of Left Lane and breaks down how he approached several of their investments including ChargeBee, Astrotalk, Takai Tree, and more.

🔥 Apply to join over 400 founders and Execs in the Turpentine Network: https://hmplogxqz0y.typeform.com/to/JCkphVqj
--
RECOMMENDED PODCAST:
Patrick McKenzie (@patio11) talks to experts who understand the complicated but not unknowable systems we rely on. You might be surprised at how quickly Patrick and his guests can put you in the top 1% of understanding for stock trading, tech hiring, and more.
Spotify: https://open.spotify.com/show/3Mos4VE3figVXleHDqfXOH
Apple: https://podcasts.apple.com/id1753399812https://podcasts.apple.com/id1753399812
--
This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at erik@turpentine.co.
--
SPONSORS:
🦾 Level up your ineffective website chatbot with CommandBar. CommandBar builds a new type of web assistant which delivers highly personalized responses, real time co-browsing, and can perform actions on behalf of the users. Learn how Hashicorp, Gusto, Freshworks and more use CommandBar at https://commandbar.com/moz

This episode is brought to you by Warp. Don’t let payroll and compliance hold your startup back: visit https://joinwarp.com/peel to get started and receive a $1000 gift card when your first run payroll.

💥 Access global engineering without the headache and at a fraction of the cost: head to https://choosesquad.com and mention “Turpentine” to skip the waitlist.
--
LINKS:
Left Lane Capital: https://www.leftlane.com/

Apple: https://podcasts.apple.com/us/podcast/turpentine-vc-venture-capital-and-investing/id1701006772
Spotify: https://open.spotify.com/show/3Yb8ErLRnyoAqn4Y6NegTx
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TIMESTAMPS:
(00:00) Intro
(00:34) Left Lane's Market Positioning
(01:18) Evolution of Tech Investing
(03:49) Third Order Data Analysis
(08:12) Identifying Unique Companies
(11:48) Investment Strategies and Examples
(15:00) SPONSORS: CommandBar | Warp
(22:37) Fund Construction and Team Dynamics
(27:02) Empowering Junior Team Members
(27:46) Navigating the Investment Funnel
(28:44) Challenges and Strategies in Investment
(30:37) SPONSOR: Squad
(32:04) Future of Left Lane and Asset Class
(37:13) Chargebee: A Success Story
(42:39) Investment Risks and Customer References
(49:40) Final Thoughts and Lessons Learned

In this episode, Erik Torenberg sits down with Sequoia Capital Managing Partner Roelof Botha and Jacob Helberg, author, Palantir advisor, and founder of the Hill and Valley Conference. They delve into the challenges and opportunities around AI against the backdrop of US-China tensions, the role the government has in fostering tech innovation, and the debate between open and closed source models.
🔥 Apply to join over 400 founders and execs in the Turpentine Network: https://hmplogxqz0y.typeform.com/to/JCkphVqj

RECOMMENDED PODCAST:
Patrick McKenzie (@patio11) talks to experts who understand the complicated but not unknowable systems we rely on. You might be surprised at how quickly Patrick and his guests can put you in the top 1% of understanding for stock trading, tech hiring, and more.
Spotify: https://open.spotify.com/show/3Mos4VE3figVXleHDqfXOH
Apple: https://podcasts.apple.com/id1753399812https://podcasts.apple.com/id1753399812
--
SPONSORS:

🦾Level up your ineffective website chatbot with CommandBar. CommandBar builds a new type of web assistant which delivers highly personalized responses, real time co-browsing, and can perform actions on behalf of the users. Learn how Hashicorp, Gusto, Freshworks and more use CommandBar at https://commandbar.com/moz

💥 Access global engineering without the headache and at a fraction of the cost: head to choosesquad.com and mention “Turpentine” to skip the waitlist.
--
LINKS:
The Hill and Valley Forum: https://www.thehillandvalleyforum.com/

Subscribe to The Hill & Valley Podcast:
Apple: https://podcasts.apple.com/us/podcast/the-hill-valley/id1692653857
Spotify: https://open.spotify.com/show/39s4MCyt1pOTQ8FjOAS4mi
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TIMESTAMPS:
 
(00:00) Intro
(01:06) Silicon Valley-Washington Relations
(07:33) Sequoia's Investment in Defense and Frontier Tech
(10:05) The TikTok Debate and US-China Relations
(12:58) Sequoia's Separation from the China and India Entities
(15:03) SPONSORS: CommandBar | Squad
(17:43) Technological Decoupling
(21:41) Tech Executives and Policymakers Working Together
(27:22) AI Supply Chain
(34:38) AI Regulation
(40:32) Open vs Closed Source Debate
(49:44) Closing Thoughts and Future Outlook on the Silicon Valley-Washington Relations
(53:42) Wrap

In today's episode, we discuss Benchmark's investment philosophy in the AI era with general partner Eric Vishria, and Sergiy Nesterenko, the Founder and CEO of Quilter. Sitting in for Erik Torenberg as host is AI Scout and Cognitive Revolution host Nathan Labenz. They cover the questions that Benchmark asks to determine whether a new company is solving an enduring or temporary problem, and the reasons why Benchmark hasn't invested in a foundational model to date. They also discuss the innovation behind Quilter's groundbreaking use of reinforcement learning to automate integrated circuit board designs. They delve into the importance of thinking beyond 'co-pilots' to fully automated AI solutions, and explore the balance of research and engineering in the AI space.

🔥 Apply to join over 400 founders and Execs in the Turpentine Network: https://hmplogxqz0y.typeform.com/to/JCkphVqj

RECOMMENDED PODCAST:
Patrick McKenzie (@patio11) talks to experts who understand the complicated but not unknowable systems we rely on. You might be surprised at how quickly Patrick and his guests can put you in the top 1% of understanding for stock trading, tech hiring, and more.
Spotify: https://open.spotify.com/show/3Mos4VE3figVXleHDqfXOH
Apple: https://podcasts.apple.com/id1753399812https://podcasts.apple.com/id1753399812
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This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at erik@turpentine.co.
----
SPONSORS:

🦾Level up your ineffective website chatbot with CommandBar. CommandBar builds a new type of web assistant which delivers highly personalized responses, real time co-browsing, and can perform actions on behalf of the users. Learn how Hashicorp, Gusto, Freshworks and more use CommandBar at https://commandbar.com/moz

💥 Access global engineering without the headache and at a fraction of the cost: head to choosesquad.com and mention “Turpentine” to skip the waitlist.
--
RECOMMENDED PODCAST: 10x Capital Podcast
If you like Turpentine VC, check out our show The 10x Capital Podcast with David Weisburd, where David talks to the investors behind the investors: https://10xcapitalpodcast.com/

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LINKS:
Automating Circuit Board Design Using Reinforcement Learning w Sergiy Nesterenko, Founder of Quilter:
https://www.youtube.com/watch?v=XXH-KtwcevQ&ab_channel=AutopilotwithWillSummerlin)

Chris Dixon’s The Idea Maze:
https://cdixon.org/2013/08/04/the-idea-maze


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Follow on X
@eriktorenberg (Erik)
@ericvishria (Eric)
@sergiynest(Sergiy)
@turpentinemedia (Turpentine)
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TIMESTAMPS:
(00:00) Intro
(01:13) Eric's Investment Thesis at Benchmark
(03:35) The "AI and Done" Approach
(07:15) Diverging from Large Language Models
(09:27) The "Idea Maze" Framework
(12:40) Disruptive Innovation
(16:00) Exploring the Data Landscape
(16:45) Data Limitations and Reinforcement Learning
(18:06) Overcoming the Sparse Reward Problem
(19:17) Human Heuristics and Intermediate Rewards
(21:12) Extrapolation vs. Interpolation
(24:43) Trusting the Reward Signal in Circuit Board Design
(25:52) Physics as an Unambiguous Oracle
(27:11) User-Defined Search
(29:45) Compute Allocation
(31:53) Different Physics Simulation Techniques
(34:13) The Diffusion Model Approach
(38:07) Advantages of Reinforcement Learning
(40:08) Timeline and Bottlenecks
(41:43) Unsolvable Problems and Gradual Progress
(42:03) The Future of Circuit Board Design
(50:22) Benchmark Portfolio
(47:31) Challenges and Opportunities in Each Category
(53:34) The Gap Between Research and Engineering
(53:52) Call for Startups

Today's episode features a discussion from 2023 with reknowned independent analyst Benedict Evans (formerly a16z and Mosaic Ventures) about his predictions and frameworks for AI, VR/AR, Crypto and blockchain, the cloud, automation, and more. AI scout and podcast host Nathan Labenz (The Cognitive Revolution's host) joined for the last 20 minutes to deepen the discussion on AI. Crush your 2024 goals and learn a new language with Babbel - get 60% off at Babbel.com/torenburg

🔥 Apply to join over 400 founders and Execs in the Turpentine Network: https://hmplogxqz0y.typeform.com/to/JCkphVqj

RECOMMENDED PODCAST:
Patrick McKenzie (@patio11) talks to experts who understand the complicated but not unknowable systems we rely on. You might be surprised at how quickly Patrick and his guests can put you in the top 1% of understanding for stock trading, tech hiring, and more.
Spotify: https://open.spotify.com/show/3Mos4VE3figVXleHDqfXOH
Apple: https://podcasts.apple.com/id1753399812https://podcasts.apple.com/id1753399812
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SPONSORS:
🌐 Ready to achieve your 2024 goals? Start learning a new language with Babbel in just three weeks. Enjoy app lessons, live classes, and podcasts designed for real-world conversations. Get up to 60% off at babbel.com/torenburg

💥 Access global engineering without the headache and at a fraction of the cost: head to https://choosesquad.com and mention “Turpentine” to skip the waitlist.
--
This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at erik@turpentine.co.

--
RECOMMENDED PODCAST: 10X Capital Podcast
If you like Turpentine VC, check out our show The 10x Capital Podcast with David Weisburd, where David talks to the investors behind the investors
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LINKS:

Benedict's website (featuring his 2024 presentation): https://www.ben-evans.com/
Benedict's podcast with Toni Cowan-Brown: https://another-podcast.simplecast.com/
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TIMESTAMPS:
(00:00) Intro and Preview
(00:26) Predicting Tech Trends
(02:20) Esco Model
(03:42) Deployment of Older Ideas
(05:39) Netflix: A TV Company, Not a Tech Company
(07:06) Software's Impact on Different Industries
(11:43) Regulation and Technology in Healthcare, Education, and Housing
(13:51) Direct-to-Consumer
(15:16) Overestimating and Underestimating Change
(16:15) Blockchain and VR: Still Early Days
(17:54) Sponsor: Babbel | Squad
(20:55) "Killer App" Fallacy
(23:37) Web 3.0 and Crypto: Overhyped and Underappreciated
(28:07] Decentralization and the "Can't Be Evil" Thesis
(30:05) The Limits of Decentralization
(42:54) Defining the Metaverse
(47:30) The Impossibility of True Portability
(49:25) Consumer Surplus and Business Models
(1:00:43) AI: Unbundling Jobs and Bundling Apps
(1:05:15) Vin's Paradox and the Automation Cycle
(1:09:40) The Speed of Technological Change
(1:13:15) Deploying New Technologies Takes Time
(1:14:56) Questions for the Future